Full Year 2024 MJ Gleeson PLC Earnings Call Transcript
Key Points
- Gleeson Homes delivered above expectations with a small increase in the number of homes sold.
- Restored five-star customer recommend score in all six regions.
- Increased land pipeline to 179 sites over 19,000 plots, providing a strong platform for growth.
- Strong improvement in open market sales with a 28% increase in net reservation rates over the comparable period in the prior year.
- Maintained a healthy cash balance of GBP12.9 million, reflecting strong cash generation in both divisions.
- Gleeson Land faced headwinds in planning, leading to a gap in sales for the first half of the current year.
- Group operating profit was GBP5 million lower than the previous year, driven largely by lower profits in Gleeson Homes.
- Gross profit margin for Gleeson Homes reduced to 24.1% due to higher incentives, lower extras, and cost increases on older sites.
- The performance of Gleeson Land is expected to be weighted to the second half of the year, with the first half representing a net cost.
- Concerns about the economic backdrop and negative commentary from the government have slightly plateaued the upswing in reservation rates.
Good morning everybody. Thank you for coming along. Welcome to MJ Gleeson's results presentation for the year ended June 2024. We'll follow the normal format. I'll give you a quick overview. Stefan will run through the numbers, and then I'll come back and talk a little bit about operations and strategy before we go to questions.
So, well, in the event, FY24 was probably a more challenging year than I think any of us had had hoped for. And so against that backdrop, I've got to be very pleased actually with a resilient performance by the group delivering in line with expectations.
Gleeson Homes actually delivered above expectations. Had a very good year. We achieved a small increase in our number of homes sold, which was very pleasing. Delighted with the progress we made in partnerships, and we'll talk about that. I'm really pleased that we restored our five star customer recommend score. And we were actually five star in all six regions, which is very pleasing indeed.
Also some great progress by our
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
